Transition Akzo Nobel Resins to Nuplex Industries Ltd. completed
On Friday, December 31, 2004, the transition from Akzo Nobel coating resins to Nuplex Industries Ltd. from New Zealand, was officially completed. In the presence of amongst others Managing Director of Nuplex Industries Ltd., Mr. John Hirst, and General Manager Coating resins, Mr. Rob Harmsen, a symbolic transition ceremony was held in the Coating Resins headquarters in Bergen op Zoom (the Netherlands) on Monday, January 3.
The initial announcement of the takeover was made public on October 15, 2004. As from now on, most sites of the Coating Resins organization will carry the name Nuplex Resins.
The acquisition is for a consideration of approximately EUR110 million (NZ$208m) plus an assumption of liabilities of approximately EUR7 million (NZ$13m).
To Nuplex Industries Ltd. the acquisition is of major strategic interest. Says John Hirst: "We consider the cooperation between Nuplex Industries and Coating Resins to be an excellent step forward in the growth and development of both businesses. The acquisition provides a strategic fit with Nuplex's core business. It will transform Nuplex into a global group: Nuplex Industries is present in Australia, New Zealand and Asia, whereas Coating Resins is active in Europe, Asia and the Americas. In addition, the acquisition will enable Nuplex to take ownership of leading resin technology."
A few weeks ago the Bergen op Zoom Works Council already advised in favor of the takeover. The agreement between the Dutch Unions and Nuplex Industries will be signed on Thursday January 6.
With the acquisition of Akzo Nobel Resins the total number of employees of Nuplex Industries Ltd. will amount to approximately 2000. Of these some 850 are part of the Coating Resins organization.
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